Needham & Company LLC Increases Paylocity (NASDAQ:PCTY) Price Target to $220.00

Paylocity (NASDAQ:PCTY) had its price target hoisted by Needham & Company LLC from $200.00 to $220.00 in a research note published on Thursday, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other analysts have also issued reports on the stock. Barclays lifted their target price on shares of Paylocity from $156.00 to $174.00 and gave the company an “equal weight” rating in a research report on Friday, October 11th. Piper Sandler reduced their target price on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Mizuho lifted their target price on shares of Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. KeyCorp lifted their target price on shares of Paylocity from $182.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a research note on Monday, August 5th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Paylocity presently has a consensus rating of “Moderate Buy” and an average price target of $193.87.

Paylocity Stock Up 3.9 %

PCTY opened at $191.76 on Thursday. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $192.61. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.13 and a current ratio of 1.32. The company has a fifty day moving average of $165.67 and a two-hundred day moving average of $155.06. The stock has a market capitalization of $10.69 billion, a price-to-earnings ratio of 49.04, a PEG ratio of 4.46 and a beta of 0.93.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 15.32% and a return on equity of 22.92%. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter in the previous year, the company earned $0.76 earnings per share. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, research analysts expect that Paylocity will post 4.51 earnings per share for the current year.

Insider Activity at Paylocity

In other news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the sale, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 21.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Covestor Ltd raised its holdings in Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after purchasing an additional 83 shares in the last quarter. Tompkins Financial Corp purchased a new stake in shares of Paylocity in the 3rd quarter worth about $82,000. Chicago Partners Investment Group LLC grew its holdings in Paylocity by 3.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after buying an additional 82 shares during the last quarter. Insight Folios Inc purchased a new stake in shares of Paylocity during the third quarter worth about $203,000. Finally, State of Alaska Department of Revenue increased its stake in Paylocity by 7.2% in the third quarter. State of Alaska Department of Revenue now owns 5,046 shares of the software maker’s stock valued at $832,000 after purchasing an additional 340 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.